Australian SME Business News and Accounting Articles

Businesses compete for their market. And with the many companies that come out these days, the competition even gets tougher. Companies and businesses therefore have to strengthen their strategies and do everything in order to attract their prospective clients.

This is one of the many reasons why the leaders of the accounting profession have come to a decision to implement the International Financial Reporting Standards or IFRS by January 2012. The IFRS is part of their goal for change. However, the problem seen is how they will get to that goal.

Businesses are a good investment. It allows the owner to earn money and maintain control of their time. Businesses help the economy by employing staff and paying taxes. However, for this business to flourish it must be properly managed. This is best achieved by using a suitable accounting software package to help the accountant and bookkeeper in monitoring the company’s transactions and performance.

There are many accounting software packages available, many of which can be found on the internet. The choices and prices are so varied that choosing the correct package for your business can be overwhelming. However, selecting the correct package is very important as there are risks associated with using the wrong software.

Business will always have losses. No matter what the industry, it is just part of a business’ life cycle to incur losses and do everything it can to earn those losses back. Even the biggest multinational companies are not spared from this naturally occurring event.

However, a more interesting accounting change has been born. It is called mark-to-market accounting. Today, high profile companies are beginning to move towards this method and in effect, they no longer have to report billions of dollars in losses.

Running a business is never an easy task. Be it a small business or a large one, the skills needed to manage and control it are the same. Listening to all news about how multimillion and multinational companies fall are scary and depressing. Therefore, all aspects of the business, especially accounting and bookkeeping, have to be taken care of.

Everywhere in the world, there is a feel of the financial crisis. May it be a small or big enterprise; there is always the effect of the financial crisis. This is why many businessmen and businessman-aspirants are thinking twice about starting up a business today. But recently, Intuit completed a survey with Intuit customers. This group consisted of accounting professionals and small business owners. The results reflect what these people have to say about the current status of businesses.

For one, 65% of accounting professionals and 54% of small business owners believe that their businesses grew in the last 12 months. However, 75% and 80%, respectively, say that the economic status is only “fair” and “poor”. Though this is the case, 94% of accounting professionals and 87% of small business owners feel much optimism that their businesses will grow in today’s economy.